Loan Scenerio

[SORRATHIA]

I have a new loan officer and i have a loan scenerio.

The prospect wants it stated income and stated assets.

Refinancing. current financing is 30 year fixed 7.25% with baloon.

Property value is 690000
1st loan is 533000
2nd loan is 67000
Credit score is 653/744/663

I presented the scenerio to lenders but they all have a limit of 417000.

One said that they can do it on reduced documents.
What is the difference between stated and reduced documents?

Also how should i make this deal happen? Is it possible to get a better rate for this prospect?

I have seen rates very high and no lender is willing to except non confirming jumbo loans.

Thanks for help.

[Business]

are you trying to get cash-out? what state are you in?

reduced doc is usually Stated Income/Verified Assets, but I would check with the lender.

We run Jumbos through M&I bank usually (they are very helpful and offer a No Ratio product still which is easier then SIVA imo).

[karlahaze]

Hi friends, I have a new idea to start a Cajun seafood restaurant in Los Angeles. It will be a three way partnership and we are all minorities. Only one of us has excellent credit and the other two have a set moderate income. We have about 30 thousand in liquid assets. I need your help and suggestions on getting business grant. Are there any grant programs out there that can help us? Thanks.

[Lynn Alexander]

I'm investing in an up and coming area, intend to hold onto the property 3-8 years and then sell once the area is in better shape. In the meantime I'd rent out the property to break even with my expenses. What are the pros and cons from people who have experience with this? I know it's nice to keep the money out of the house so you can use it for other things....Thanks



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